Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.67 to settle at $37.05. Crude prices dropped dramatically due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. The drop in prices occurred despite the Energy Information Administration’s weekly report revealing that total domestic crude inventories decreased by 2 million bbl to 492.4 million bbl. For this week, crude prices could decline further if demand concerns continue to worry the market.